In a recent series of exchanges on The conversation drew attention to unresolved tensions between Hoskinson, CF, and various members of the community, as well as Cardano’s potential collaboration with Ripple.
Conflict over Cardano Foundation’s USDC deal
the He disputes It started when Cardano storage pool operator @matiwinnetou directly criticized CF and Hoskinson, claiming that they had failed to bring popular stablecoins to the network. “The Cardano Foundation (CF) is not doing well… Since they have a lot of ADA and are not willing to spend it on multi-million dollar budgets, the Cardano community is demanding USDC and USDT. […] It is an impedance mismatch with Cardano as a decentralized blockchain in a centralized L1 space. In addition, Charles Hoskinson is often not helpful in some ways and adds more fuel to the fire than necessary.
Hoskinson immediately refuted the idea that IOG was wrong, and pointed the finger at the Cardano Foundation’s previous decisions regarding USDC integration. “CF could have had IC in 2021 for $3 million. This was when their holdings were worth nearly $2 billion. They rejected the deal according to their employee,” Hoskinson also commented, “Then you rewrite history to avoid any Of their responsibilities and turn it into power dynamics? I’m so glad you’re not working with me anymore. Dishonest people have no place in IOG.
A user named Jane (@Jane14457995) commented on the discussion, criticizing Hoskinson’s tone: “No clue who’s in the right, but I don’t like the tone, this is self-sabotage IMO.” I watched an AMA video recently (9 months ago) where the issue of Cardano not having USDC was more complicated from your point of view, Charles. Attacking a former employee was far beneath you.”
Hoskinson responded with more detail about CF’s missed opportunity. He accused the Cardano Foundation of once again obstructing progress by refusing to fund stablecoin-related initiatives while currently voting against alternative budgets. “Once again, endless defense of coalition forces and their agents. I love your fake objectivity. When someone lies and lies, they will be held accountable. […] Reality has always written that they passed the deal in 2021.
Hoskinson emphasized the community’s desire to support the stablecoin: “The community obviously wants USDC. The community obviously wants liquidity from Confederation. The community obviously wants better support for Oracle. The fund can do those things or leave it to the budget. My problem “It is that while they distance themselves from the former, they also want to sabotage the latter by voting against the budget so everyone loses.”
He further emphasized that Cardano’s growth strategy is at risk if a stablecoin solution is not found. “There is not enough funding to cover the ecosystem, its growth, future integrations and marketing, even if IOG was working for free. This is a fight worth fighting because it is existential for the future of the entire ecosystem.”
Shift to Ripple’s RLUSD
As the discussion developed, Jane suggested a stablecoin collaboration with Ripple, citing “renewed harmony with the Ripple/XRP community” and hinting that this “may be easier and cheaper” than pursuing other routes. Then I asked: “Would IO or Intersect consider doing this if CF didn’t?”
“If there is a reasonable path to integrating RLUSD, I would try to cover it as a gift to the ecosystem,” Hoskinson replied. “Cardano needs a strong stablecoin ecosystem from USDM and Djed to RLUSD.” Jane pointed to Ripple CEO Brad Garlinghouse and suggested that it “seems like a natural fit in terms of ideals and something that could greatly benefit both communities.”
Hoskinson confirmed that progress is already underway: “Jane, we’ve already had a call with RLUSD staff. We’re actively talking.”
Just two weeks ago, Hoskinson revealed that discussions with Ripple were in the “early days,” hinting at a plan to include Ripple’s infrastructure in Cardano’s upcoming privacy-focused sidechain, Midnight. “We would like to include Ripple in the Midnight ecosystem,” he said, referring to the initial steps between the two teams.
According to Hoskinson, he and David Schwartz, Ripple’s CTO, engaged in technical discussions to determine how to leverage each platform. “There are ongoing talks between the Midnight team and the Ripple team and a lot of technology talks as well. We’ve been trying to learn more about how their group works,” Hoskinson said.
Despite the encouraging signs, Hoskinson noted that formal partnerships usually require patience, saying: “The first step was just technical talks and that’s what we did with David.” [Schwartz] Which was very helpful and a great resource. Then at some point once you get past that, there will be actual integration work and other things that need to be done, but overall it was easy to work with.
At press time, ADA was trading at $0.92
Featured image from YouTube, chart from TradingView.com